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JERRY R MITCHELL 630-305-0005
jerry@jerryrmitchellandassoc.com
1
Strategic Partnering to Maximize
Results
The first element to consider when looking at a strategic partnership is how
each business will benefit. Working together ...
Write a detailed list of what each partner will gain if you agree to work together
to determine who benefits and how. If o...
The current entrepreneurial system is chock-full of companies that are
incredibly focused on solving one problem really we...
What does a partnership mean to you, in this context?
JERRY R MITCHELL 630-305-0005
jerry@jerryrmitchellandassoc.com
5
As for strategic partnerships, one kind is creative cross promotion. If you
and your partner are targeting the same market...
How do you approach the possibility of partnerships?
How do you assess unique partnership situations, formally, or otherwi...
Who are their customers?
Is there a significant overlap in our target market?
Are we competitors?
Is there an overlap in w...
That's important. Just because you share the same target market,
doesn't mean you share the same end-user .
JERRY R MITCHE...
How can this partnership benefit them?
How can this partnership benefit me?
JERRY R MITCHELL 630-305-0005
jerry@jerryrmitc...
After thinking through the answers, I consider what the partnership
could look like and some tactics on how it could be ro...
Take the time to understand their business model and exactly what
their product/services does and how their customers use ...
Don't focus on what you want, focus on what you can do for them.
JERRY R MITCHELL 630-305-0005
jerry@jerryrmitchellandasso...
Seek out partners that share your values and philosophies. Kindred
spirits can go a long way in building a successful part...
Technical startup companies on the prowl for angel investors and venture
capital should also consider a third path -- crea...
In the current environment, one that has spooked some angels and
venture capitalists from investments in small startups, s...
Like angels or venture capitalists, strategic partners invest in
cash-starved startup companies. The relationship between ...
Angels and venture capitalists invest only for profit. They structure deals
In the way that best assures that profit -- of...
Strategic partners are not investing in the hope of a high return on their
investment. As such, they often don't ask for a...
Strategic partners can be beneficial in other ways. Startup companies nearly
always benefit if they have an older, wiser a...
Often, having an important strategic partner or two also can make
entrepreneurs much more attractive to venture capitalist...
In most cases, however, partners won't invest in just any promising
startup, so it is important for entrepreneurs to consi...
By and large, big companies extend a hand to those companies that fill a
need that they have. In other words, they try to ...
Entrepreneurs hungry for investors may look at strategic partners as the
answer to all their needs, but, as in all long-te...
What seems to be a good thing can later become a bad thing if the dominant
partner begins to lead the fledgling company in...
In the worst cases, one company has partnered with another, not to help it
out, but to learn a few of the trade secrets. O...
For a start-up or very small business the "help-first" mantra is key. It
allows them to approach more established brands w...
When courting potential strategic partners, I've learned to think like
this:
How can aligning with me - for one project or...
Here's a cheat sheet for other entrepreneurs, marketers and individuals who
want to succeed this way.
When looking for str...
1. Non-competitors targeting a similar audience as you.
2. Completely different brands that could benefit from exposure to...
Partnering with brands that are completely different from yours has a
twofold potential benefit. By turning your audience ...
3. Non-profit organizations.
There are two things non-profit organizations can always use: money and
awareness. If you're ...
JERRY R MITCHELL 630-305-0005
jerry@jerryrmitchellandassoc.com
33
Let me introduce my strategic partner
Strategies For Ent...
JERRY R MITCHELL 630-305-0005
jerry@jerryrmitchellandassoc.com
34
We met right here at one of our meetings.
He introduced ...
JERRY R MITCHELL 630-305-0005
jerry@jerryrmitchellandassoc.com
35
We soon found our real passion was assisting entrepreneu...
JERRY R MITCHELL 630-305-0005
jerry@jerryrmitchellandassoc.com
36
Here are the results so far of how my video ranks on
Goo...
JERRY R MITCHELL 630-305-0005
jerry@jerryrmitchellandassoc.com
37
Number 1 on YouTube Out of 306,000 Search Results
JERRY R MITCHELL 630-305-0005
jerry@jerryrmitchellandassoc.com
38
2nd on YouTube out of 149,500 Search Results
JERRY R MITCHELL 630-305-0005
jerry@jerryrmitchellandassoc.com
39
Ranked # 4
out of over
54 million
search results
JERRY R MITCHELL 630-305-0005
jerry@jerryrmitchellandassoc.com
40
Why would you want Strategic Marketing Partnerships?
JERRY R MITCHELL 630-305-0005
jerry@jerryrmitchellandassoc.com
41
Why wouldn't you?
Here are a few of the key benefits of strategicpartnerships.
1.It is mutually beneficial in that each pa...
Regardless of the business you are in, there are related products and
services that add value to your offerings. You need ...
How do you create a Strategic Marketing Partnership?
It's really pretty simple. Follow the simple formula below and you'll...
1. Identify a list of products and services that are complimentary to
what you offer. Ask yourself what other products or ...
2. Identify a list of about 20 businesses that provide these products or
services either through your own personal experie...
3. DO NOT COLD CALL these business owners. Craft a letter and send it to
the business owner by explaining you believe they...
Ask the following questions.
These questions will not only help you to know if they can meet the
needs of your customers, ...
How would I spot your Ideal Customer? Be as specific as possible.
What is the best way to communicate what you do and how ...
4. Review those who responded. Determine which best fit the needs of your
customers. Contact them directly and explain tha...
Here are a few ideas to get you started
JERRY R MITCHELL 630-305-0005
jerry@jerryrmitchellandassoc.com
51
They could provide you with content for your next e-newsletter.
You could interview them and post the interview to your bl...
My advice: Begin with the end in mind.
JERRY R MITCHELL 630-305-0005
jerry@jerryrmitchellandassoc.com
53
The most important question to ask yourself about a
strategic alliance is:
Do I really need one?
JERRY R MITCHELL 630-305-...
Don't start by thinking, "I want to form an alliance - who can I bring on as
a partner?“
Instead start with, "I have a bus...
What are your immediate business goals? The answer to this question
is vital, because it will help you decipher a) whether...
For instance, let's say you have decided that you can achieve your business
goals better, faster, and more efficiently wit...
Power partners are people or companies that can give your business the
boost that you're seeking in the way that you're se...
Be meticulous in your evaluation of the risk/reward of any strategic
partnership. Be sure to lay out everything you can th...
Now let's look at tonight's attendees and play match maker!!
JERRY R MITCHELL 630-305-0005
jerry@jerryrmitchellandassoc.co...
As each of you introduced yourself I thought of who would be a
good partner for you so let's get started !
JERRY R MITCHEL...
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Strategic partnerships

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Strategic partnerships

  1. 1. JERRY R MITCHELL 630-305-0005 jerry@jerryrmitchellandassoc.com 1 Strategic Partnering to Maximize Results
  2. 2. The first element to consider when looking at a strategic partnership is how each business will benefit. Working together can increase your marketing Reach through cross promotion, reduce your costs by combining functions or Creating economies of scales, or improve production through technology and human capital sharing. JERRY R MITCHELL 630-305-0005 jerry@jerryrmitchellandassoc.com 2
  3. 3. Write a detailed list of what each partner will gain if you agree to work together to determine who benefits and how. If one partner can easily add the benefits the other partner brings without entering into a venture and giving up anything, this might mean a partnership is not a good strategy. JERRY R MITCHELL 630-305-0005 jerry@jerryrmitchellandassoc.com 3
  4. 4. The current entrepreneurial system is chock-full of companies that are incredibly focused on solving one problem really well. That means there are tons of tech companies that likely share the exact same target market. Because of this, partnerships present huge opportunities for scaling and adding value JERRY R MITCHELL 630-305-0005 jerry@jerryrmitchellandassoc.com 4
  5. 5. What does a partnership mean to you, in this context? JERRY R MITCHELL 630-305-0005 jerry@jerryrmitchellandassoc.com 5
  6. 6. As for strategic partnerships, one kind is creative cross promotion. If you and your partner are targeting the same market and both products add value for the end-user, it might make sense to establish a method of cross promotion. JERRY R MITCHELL 630-305-0005 jerry@jerryrmitchellandassoc.com 6
  7. 7. How do you approach the possibility of partnerships? How do you assess unique partnership situations, formally, or otherwise? When I consider a potential partner, I learn as much as I can about their business model and ask a few questions: . JERRY R MITCHELL 630-305-0005 jerry@jerryrmitchellandassoc.com 7
  8. 8. Who are their customers? Is there a significant overlap in our target market? Are we competitors? Is there an overlap in what we offer? If so, how much? Are the end-users that buy their product/services the same end-users that would buy mine? JERRY R MITCHELL 630-305-0005 jerry@jerryrmitchellandassoc.com 8
  9. 9. That's important. Just because you share the same target market, doesn't mean you share the same end-user . JERRY R MITCHELL 630-305-0005 jerry@jerryrmitchellandassoc.com 9
  10. 10. How can this partnership benefit them? How can this partnership benefit me? JERRY R MITCHELL 630-305-0005 jerry@jerryrmitchellandassoc.com 10
  11. 11. After thinking through the answers, I consider what the partnership could look like and some tactics on how it could be rolled out. JERRY R MITCHELL 630-305-0005 jerry@jerryrmitchellandassoc.com 11
  12. 12. Take the time to understand their business model and exactly what their product/services does and how their customers use it. JERRY R MITCHELL 630-305-0005 jerry@jerryrmitchellandassoc.com 12
  13. 13. Don't focus on what you want, focus on what you can do for them. JERRY R MITCHELL 630-305-0005 jerry@jerryrmitchellandassoc.com 13
  14. 14. Seek out partners that share your values and philosophies. Kindred spirits can go a long way in building a successful partnership that your customers will actually care about. JERRY R MITCHELL 630-305-0005 jerry@jerryrmitchellandassoc.com 14
  15. 15. Technical startup companies on the prowl for angel investors and venture capital should also consider a third path -- creating strategic partnerships with large corporations who are willing to make investments in new technology. JERRY R MITCHELL 630-305-0005 jerry@jerryrmitchellandassoc.com 15
  16. 16. In the current environment, one that has spooked some angels and venture capitalists from investments in small startups, strategic partnerships are becoming more common. JERRY R MITCHELL 630-305-0005 jerry@jerryrmitchellandassoc.com 16
  17. 17. Like angels or venture capitalists, strategic partners invest in cash-starved startup companies. The relationship between strategic partners is different from traditional investors, however, because in addition to contributing funds, strategic partners may also be business partners. JERRY R MITCHELL 630-305-0005 jerry@jerryrmitchellandassoc.com 17
  18. 18. Angels and venture capitalists invest only for profit. They structure deals In the way that best assures that profit -- often demanding a seat on the board of directors and preferred stock. JERRY R MITCHELL 630-305-0005 jerry@jerryrmitchellandassoc.com 18
  19. 19. Strategic partners are not investing in the hope of a high return on their investment. As such, they often don't ask for a spot on the board and are often satisfied with common stock. JERRY R MITCHELL 630-305-0005 jerry@jerryrmitchellandassoc.com 19
  20. 20. Strategic partners can be beneficial in other ways. Startup companies nearly always benefit if they have an older, wiser and important friends who can guide them when they run into obstacles or need to make key contacts in the industry. In many cases, strategic partnerships institutionalize that type of help.? JERRY R MITCHELL 630-305-0005 jerry@jerryrmitchellandassoc.com 20
  21. 21. Often, having an important strategic partner or two also can make entrepreneurs much more attractive to venture capitalists, if they are still shopping for additional capital. JERRY R MITCHELL 630-305-0005 jerry@jerryrmitchellandassoc.com 21
  22. 22. In most cases, however, partners won't invest in just any promising startup, so it is important for entrepreneurs to consider which companies will be the best, most compatible partners.? JERRY R MITCHELL 630-305-0005 jerry@jerryrmitchellandassoc.com 22
  23. 23. By and large, big companies extend a hand to those companies that fill a need that they have. In other words, they try to partner with entrepreneurs who are developing a technology or service that will help their own business in the future or with companies who are potential customers. JERRY R MITCHELL 630-305-0005 jerry@jerryrmitchellandassoc.com 23
  24. 24. Entrepreneurs hungry for investors may look at strategic partners as the answer to all their needs, but, as in all long-term relationships, compatibility is the key to ensuring a healthy relationship. JERRY R MITCHELL 630-305-0005 jerry@jerryrmitchellandassoc.com 24
  25. 25. What seems to be a good thing can later become a bad thing if the dominant partner begins to lead the fledgling company in a direction the founders don't want to go. Or, if the opposite is true and the younger partner doesn't meet with its partner's expectations, the relationship may sour.? JERRY R MITCHELL 630-305-0005 jerry@jerryrmitchellandassoc.com 25
  26. 26. In the worst cases, one company has partnered with another, not to help it out, but to learn a few of the trade secrets. Once they got the information they needed, using their partners' expertise, they bought one of the competitors. So, those companies looking for large, strategic partners Should learn as much about their potential partners as possible and try to make sure they have a track record in helping, rather than hurting, their partners. JERRY R MITCHELL 630-305-0005 jerry@jerryrmitchellandassoc.com 26
  27. 27. For a start-up or very small business the "help-first" mantra is key. It allows them to approach more established brands with confidence rather than as a small player looking for a handout. JERRY R MITCHELL 630-305-0005 jerry@jerryrmitchellandassoc.com 27
  28. 28. When courting potential strategic partners, I've learned to think like this: How can aligning with me - for one project or the long-term - help the other brand?" JERRY R MITCHELL 630-305-0005 jerry@jerryrmitchellandassoc.com 28
  29. 29. Here's a cheat sheet for other entrepreneurs, marketers and individuals who want to succeed this way. When looking for strategic partners for your business or campaign, reach out to these types of brands, individuals and organizations: JERRY R MITCHELL 630-305-0005 jerry@jerryrmitchellandassoc.com 29
  30. 30. 1. Non-competitors targeting a similar audience as you. 2. Completely different brands that could benefit from exposure to your audience. JERRY R MITCHELL 630-305-0005 jerry@jerryrmitchellandassoc.com 30
  31. 31. Partnering with brands that are completely different from yours has a twofold potential benefit. By turning your audience on to another cool Product or service, you gain credibility with your partners and your customers. JERRY R MITCHELL 630-305-0005 jerry@jerryrmitchellandassoc.com 31
  32. 32. 3. Non-profit organizations. There are two things non-profit organizations can always use: money and awareness. If you're planning a special event or product launch, consider partnering with a charity. For me, this usually means donating a portion of my proceeds to the non-profit organization and also helping to promote their cause via my social media channels. In turn, the non-profit organization helps spread the word about my brand and related activities. Win-win! JERRY R MITCHELL 630-305-0005 jerry@jerryrmitchellandassoc.com 32
  33. 33. JERRY R MITCHELL 630-305-0005 jerry@jerryrmitchellandassoc.com 33 Let me introduce my strategic partner Strategies For Entrepreneurs
  34. 34. JERRY R MITCHELL 630-305-0005 jerry@jerryrmitchellandassoc.com 34 We met right here at one of our meetings. He introduced himself as working with doctors One of my businesses also works with doctors We met and discussed what each of us could contribute to each other
  35. 35. JERRY R MITCHELL 630-305-0005 jerry@jerryrmitchellandassoc.com 35 We soon found our real passion was assisting entrepreneurs build their business We decided to first use me as a target for what we would offer to our clients We created a video and using SEO put it on you tube
  36. 36. JERRY R MITCHELL 630-305-0005 jerry@jerryrmitchellandassoc.com 36 Here are the results so far of how my video ranks on Google (the world’s largest online search engine) and YouTube (the second largest search engine)
  37. 37. JERRY R MITCHELL 630-305-0005 jerry@jerryrmitchellandassoc.com 37 Number 1 on YouTube Out of 306,000 Search Results
  38. 38. JERRY R MITCHELL 630-305-0005 jerry@jerryrmitchellandassoc.com 38 2nd on YouTube out of 149,500 Search Results
  39. 39. JERRY R MITCHELL 630-305-0005 jerry@jerryrmitchellandassoc.com 39 Ranked # 4 out of over 54 million search results
  40. 40. JERRY R MITCHELL 630-305-0005 jerry@jerryrmitchellandassoc.com 40
  41. 41. Why would you want Strategic Marketing Partnerships? JERRY R MITCHELL 630-305-0005 jerry@jerryrmitchellandassoc.com 41
  42. 42. Why wouldn't you? Here are a few of the key benefits of strategicpartnerships. 1.It is mutually beneficial in that each partner can leverage the customers, contacts and other partnerships of the strategic partner. 2.It spreads the marketing work load when it comes to the mutual promotional efforts. They promote you to their customers and contacts and you promote them to yours. 3.Customers benefit from an expanded referral pool of trusted resources, strengthening your relationship with those customers JERRY R MITCHELL 630-305-0005 jerry@jerryrmitchellandassoc.com 42
  43. 43. Regardless of the business you are in, there are related products and services that add value to your offerings. You need to make it your business to know what these are and have a stellar list of partners who can provide those offerings. Not only will you be able to add value to your customers, but you will be expanding your business in the process. JERRY R MITCHELL 630-305-0005 jerry@jerryrmitchellandassoc.com 43
  44. 44. How do you create a Strategic Marketing Partnership? It's really pretty simple. Follow the simple formula below and you'll have your own strategic marketing partnerships in no time. JERRY R MITCHELL 630-305-0005 jerry@jerryrmitchellandassoc.com 44
  45. 45. 1. Identify a list of products and services that are complimentary to what you offer. Ask yourself what other products or services do my customers currently use or would like to use that are related to my business but don't compete directly? Consider tailors, lawyers, print shops, graphic artists, stylists, copy writers, accountants, computer techs, trainers or advisers in HR, Sales, Business, Marketing, etc. JERRY R MITCHELL 630-305-0005 jerry@jerryrmitchellandassoc.com 45
  46. 46. 2. Identify a list of about 20 businesses that provide these products or services either through your own personal experiences or from input from your customers. Make certain you feel absolutely certain these businesses will deliver. If there is any doubt, don't add them to your list JERRY R MITCHELL 630-305-0005 jerry@jerryrmitchellandassoc.com 46
  47. 47. 3. DO NOT COLD CALL these business owners. Craft a letter and send it to the business owner by explaining you believe they have products or services that could be of value to your customers and you would like to learn more about what they offer so you can intelligently refer them. JERRY R MITCHELL 630-305-0005 jerry@jerryrmitchellandassoc.com 47
  48. 48. Ask the following questions. These questions will not only help you to know if they can meet the needs of your customers, but it will also confirm if they will be an ideal marketing partner. JERRY R MITCHELL 630-305-0005 jerry@jerryrmitchellandassoc.com 48
  49. 49. How would I spot your Ideal Customer? Be as specific as possible. What is the best way to communicate what you do and how are you unique from your competitors? Tell me how you would introduce yourself and your company to prospects I might refer? Can you share any client relationships or customer testimonials with me? JERRY R MITCHELL 630-305-0005 jerry@jerryrmitchellandassoc.com 49
  50. 50. 4. Review those who responded. Determine which best fit the needs of your customers. Contact them directly and explain that you like what they have to offer and believe there is a way for the two of you to work together. Have at least 5 specific ways outlined to introduce your strategic partnership to your customers and review these ideas with this partner. JERRY R MITCHELL 630-305-0005 jerry@jerryrmitchellandassoc.com 50
  51. 51. Here are a few ideas to get you started JERRY R MITCHELL 630-305-0005 jerry@jerryrmitchellandassoc.com 51
  52. 52. They could provide you with content for your next e-newsletter. You could interview them and post the interview to your blog or web site. Create a unique product/service that features both you and your new partner to be distributed to customers for free (e.g. e-book, video training, product demonstration, etc.). They use it for their customers and you for yours. Create an event that features your strategic partner and that will be of interest to your customers JERRY R MITCHELL 630-305-0005 jerry@jerryrmitchellandassoc.com 52
  53. 53. My advice: Begin with the end in mind. JERRY R MITCHELL 630-305-0005 jerry@jerryrmitchellandassoc.com 53
  54. 54. The most important question to ask yourself about a strategic alliance is: Do I really need one? JERRY R MITCHELL 630-305-0005 jerry@jerryrmitchellandassoc.com 54
  55. 55. Don't start by thinking, "I want to form an alliance - who can I bring on as a partner?“ Instead start with, "I have a business goal and an alliance is a good way to get me there." JERRY R MITCHELL 630-305-0005 jerry@jerryrmitchellandassoc.com 55
  56. 56. What are your immediate business goals? The answer to this question is vital, because it will help you decipher a) whether you will truly benefit from an alliance b) if so, who is the most appropriate ally for your company, and c) what is the best way to engage them. JERRY R MITCHELL 630-305-0005 jerry@jerryrmitchellandassoc.com 56
  57. 57. For instance, let's say you have decided that you can achieve your business goals better, faster, and more efficiently with an ally - rather than by yourself. If so, it is time to choose the right "power partners”? JERRY R MITCHELL 630-305-0005 jerry@jerryrmitchellandassoc.com 57
  58. 58. Power partners are people or companies that can give your business the boost that you're seeking in the way that you're seeking it. JERRY R MITCHELL 630-305-0005 jerry@jerryrmitchellandassoc.com 58
  59. 59. Be meticulous in your evaluation of the risk/reward of any strategic partnership. Be sure to lay out everything you can think of, both pro and con, based on the partners' management, company and product, past, present and future. Being well prepared lowers the odds of letdowns later on." JERRY R MITCHELL 630-305-0005 jerry@jerryrmitchellandassoc.com 59
  60. 60. Now let's look at tonight's attendees and play match maker!! JERRY R MITCHELL 630-305-0005 jerry@jerryrmitchellandassoc.com 60
  61. 61. As each of you introduced yourself I thought of who would be a good partner for you so let's get started ! JERRY R MITCHELL 630-305-0005 jerry@jerryrmitchellandassoc.com 61

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